Tag: Business

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Business News Now!

Imperial Dade adds scale in the southeast with acquisition of American Paper & Twine Company

Transaction Represents 44th Acquisition for Leading Distributor of Foodservice Packaging and Janitorial Products

 

JERSEY CITY, N.J. & NASHVILLE, Tenn. — (BUSINESS WIRE) — Imperial Dade, a leading distributor of food service packaging and janitorial supplies, recently announced the acquisition of American Paper & Twine (“APT” or the “Company”). The transaction represents the 44th acquisition for Imperial Dade under the leadership of Robert and Jason Tillis, CEO and President of Imperial Dade, respectively. Financial terms of the private transaction were not disclosed.

 

Headquartered in Nashville, TN, APT is a leading distributor of janitorial, packaging, food service, safety and office products run by Bob Doochin and Karen Doochin Vingelen. With 95 years of experience, the Company has built a strong reputation for its knowledgeable sales force, wide breath of products, and high touch customer service.

 

The addition of APT will significantly strengthen Imperial Dade’s existing presence in the Southeast, help better reach customers coast-to-coast, and solidify its position as the national leader in specialty distribution. By leveraging Imperial Dade’s market leading platform, APT customers can expect the same exceptional customized service coupled with an even greater offering of products and solutions.

 

“APT’s storied history in the industry and exceptional customer service make it a great addition to the Imperial Dade platform. We enthusiastically welcome the Doochin family, and the APT team members to our family,” said Robert Tillis. “We look forward to partnering with APT and continuing to provide customers with a world-class value proposition and service offering. This acquisition is the next step in our ability to serve customers coast to coast as a national distributor,” said Jason Tillis.

 

“The legacy we have built here at American Paper & Twine over the past 95 years will provide a great foundation for growth for Imperial Dade in our region. With the added resources by combining with Imperial Dade, we will be able to continue to provide exceptional customer service while accelerating the growth we have experienced in recent years,” said Karen Doochin Vingelen, President and COO of APT.

 

About Imperial Dade

Founded in 1935, Imperial Dade serves more than 80,000 customers across the United States and Puerto Rico. Since CEO Robert Tillis and President Jason Tillis assumed their roles in 2007, the company has grown both organically and through acquisitions to become a leader in the food service packaging and janitorial supplies industry. For additional information, please visit www.imperialdade.com.

Contacts

Imperial Dade

Paul Cervino

(201) 437-7440 x 2302

Categories
Business Culture

Tilley Company completes merger with Phoenix Aromas and Essential Oils to form Tilley-Phoenix Group

Tilley and Phoenix Partnership Creates a Global Distributor of Value-Added Ingredients in Regulated Markets

 

NORWOOD, N.J. — (BUSINESS WIRE) — Baltimore-based Tilley Company, Inc. (“Tilley” or the “Company”), a leading U.S. based distributor and value-added service provider of specialty ingredients and a portfolio company of SK Capital Partners (“SK Capital”), announced today a merger with Phoenix Aromas and Essential Oils (“Phoenix”), a leading global distributor of high-quality flavor and fragrance ingredients and compounds, serving the food and beverage, personal care, pharmaceutical, air care, and fragrance markets. The combination of Tilley and Phoenix creates a world-class supplier of high-quality ingredients to better serve new and existing customers with state-of-the-art laboratories, an experienced regulatory and technical support team, and a global sales and customer service staff.

Since its founding in 1994, Phoenix’s mission has been to act as a value-added distributor of exceptional ingredients, working directly with growers and producers around the world to source sustainable ingredients while providing a high degree of regulatory, technical, and supply chain security and support to both customers and suppliers. With a comprehensive portfolio of flavor and fragrance ingredients, including aroma chemicals, essential oils, natural aroma chemicals, absolutes, and oleoresins, Phoenix’s team of industry, regulatory and technical experts help customers identify and innovate the aromas, flavors and fragrances of tomorrow.

 

The combined entity greatly enhances Tilley’s existing product portfolio of value-added ingredients for applications in regulated markets. As experts in flavor and fragrance ingredients, Phoenix offers global market expertise, regulatory support, and just-in-time inventory supported by a global network of sales offices and warehouses.

 

“The merger of Tilley and Phoenix brings together two dynamic and talented teams; both companies share complementary core values and strategic vision, and are fully committed to maintaining the very highest levels of quality, safety, and customer service,” said Jean-Paul Benveniste, President and CEO of the new organization.

 

Tilley-Phoenix Group, led by existing management, represents one of the largest and most well-diversified suppliers of flavor, fragrance, and food ingredients in North America, enhancing the value presented to both suppliers and customers.

 

“Phoenix brings a high level of expertise to the flavor and fragrance markets by employing highly technical laboratory services and rigorous quality control measures. These high-touch services, when combined with reliable supply chain planning and strong supplier relationships, make the combined company a best-in-class source for specialty ingredients,” said Sean Tilley, COO and President.

 

As requests for sustainable and natural ingredients continue to grow, Phoenix remains committed to sourcing and distributing a high-quality portfolio of natural flavor and fragrance ingredients. The addition of Phoenix expands Tilley’s presence in sustainable ingredients, creating a leading offering of bio-based products derived from plant-based natural materials.

 

“Looking forward, Tilley-Phoenix Group plans to continue its pursuit of selective M&A focused largely on specialty products sold into regulated markets. We continue to focus on expanding the value-added platform, seeking targeted opportunities to enhance the value, quality, and breadth of solutions we bring to both customers and suppliers,” added Randy Dearth, Senior Director at SK Capital.

 

Kirkland & Ellis LLP acted as legal counsel to Tilley Company and committed debt financing was led by Madison Capital Funding LLC.

 

About Tilley Company:

Founded in 1952, Baltimore, Maryland‐based Tilley is a value-added specialty ingredients distributor. The Company seeks to act as a direct extension of their suppliers’ selling networks to effectively partner and service broader customer networks. Tilley operates modern, efficient distribution facilities and a large fleet of transportation equipment to serve its customers’ just-in-time production needs. The Company operates two North American facilities and offers a comprehensive portfolio of value-added services, including regulatory & technical support, full-service QA/QC laboratory, custom formulation, custom blending & packaging, and specialty storage.

 

Tilley has created a business environment based on open communication, product safety, and superior service. Tilley is a member of the OmniChem Alliance, the National Association of Chemical Distributors, and the Food Ingredient Distributors Association. Learn more by visiting www.tilleycompany.com.

 

About Phoenix Aromas and Essential Oils:

Founded in 1994, Norwood, New Jersey‐based Phoenix Aromas and Essential Oils is a value-added flavor and fragrance ingredients distributor offering product, regulatory, and supply chain solutions across food and beverage, personal care, pharmaceutical, air care, and fragrance markets. The Company offers a comprehensive line of flavor and fragrance ingredients across aroma chemicals, essential oils, natural aroma chemicals, absolutes, and oleoresins. Phoenix retains an industry-leading regulatory team operating from state-of-the-art QA/QC laboratories globally.

 

Phoenix is committed to working with suppliers and manufacturers who practice sustainable and ethical production and sourcing of flavor and fragrance ingredients. Learn more by visiting www.phoenixaromas.com.

Contacts

Jeremy Milner

BackBay Communications

401-862-9422

jeremy.milner@backbaycommunications.com

Categories
Business Environment

American Water CEO Walter Lynch set to speak at Bank of America 2021 Water Conference

CAMDEN, N.J. — (BUSINESS WIRE) — American Water (NYSE: AWK), the nation’s largest publicly-traded water and wastewater utility company, today announced Chief Executive Officer Walter Lynch will speak at the Bank of America 2021 Water Conference on December 6, to be held in a virtual setting.

On Monday, December 6th, Lynch will deliver a presentation covering the current state of the water industry. He will discuss some of the challenges facing the industry including infrastructure and resiliency, fragmentation, water quality and balancing investment needs with customer affordability. Lynch will present opportunities to provide a more sustainable path forward and how American Water is strategically addressing these challenges through its commitment to investing in infrastructure and enhancing the customer experience.

 

About American Water

With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 7,000 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to make sure we keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.

AWK-IR

Contacts

Investor Contact:
Aaron Musgrave

Senior Director, Investor Relations

(856) 955-4029

aaron.musgrave@amwater.com

Media Contact:
Joseph Szafran

External Affairs Manager

(856) 955-4304

joseph.szafran@amwater.com

Categories
Business

AM Best revises outlooks to positive for Texas Mutual Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Texas Mutual Insurance Company (Texas Mutual) (Austin, TX).

The Credit Rating (ratings) reflect Texas Mutual’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

 

The revision of Texas Mutual’s outlooks to positive reflects its superior market position in the workers’ compensation (WC) segment in Texas, which is demonstrated by an average market share of 42% over the last five years. The company’s market share has consistently grown since the recession in 2008, when the company had a 29% market share; the company is the 16th largest writer of WC in the United States based on direct premiums written. The company’s business profile benefits from the company not being concentrated in any one industry as Texas Mutual is the market leader in all industry sectors: services, construction, retail, manufacturing, finance, health and education, hospitality, transportation, agriculture, mining and public administration industries. While maintaining this superior market position, the company has continued to generate consistent surplus gains and underwriting profits, which compare favorably to the WC composite.

 

The positive outlooks consider AM Best’s expectation that Texas Mutual will continue to demonstrate its’ integral nature to Texas’ WC market while maintaining risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and underwriting results that compare favorably to the WC composite.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Daniel Mangano
Senior Financial Analyst
+1 908 439 2200, ext. 5547
daniel.mangano@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Robert Raber
Director
+1 908 439 2200, ext. 5696
robert.raber@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Science Technology

Infinity BiologiX confirms robust rRT-PCR test detects Omicron variant of COVID-19

PISCATAWAY, N.J. — (BUSINESS WIRE) — Infinity BiologiX (“IBX”), a leader in analytics, bioprocessing and biobanking, announced that the rRT-PCR assay performed to detected SARS-CoV-2 in samples from individuals suspected of COVID-19 can detect the Omicron variant.

Since May 2021 IBX has tested over 9 million samples for COVID-19 with a robust assay using an rRT-PCR test that has been confirmed to detect the Omicron variant.

 

“We’re proud to be providing robust COVID-19 testing as part of our ongoing support for the US response to the COVID-19 pandemic. The ability to detect the omicron variant using our existing rRT-PCR based assay, which targets 3 separate areas of the viral genome, demonstrates our rigorous approach to testing and our commitment to public health.” Robin Grimwood, CEO at IBX.

 

In addition, IBX has been working with the Centers for Disease Control and Prevention (CDC) to sequence the SARS-CoV-2 genome from positive COVID-19 samples across the United States and in light of the omicron variant this has been extended. The contract “Genomic Surveillance for SARS-COV-2 Variants” aims to provide genomic sequencing and new variant detection of samples of SARS-COV-2 to enable public health officials to investigate the impact of variants on disease severity as well as the effectiveness of vaccines and treatment.

 

As part of this work with the CDC, IBX have sequenced over 61,000 COVID-19 samples and continue to provide valuable epidemiological data on the spread of novel COVID-19 strains. This sequencing has been performed in the IBX headquarters in NJ (Piscataway).

 

About Infinity BiologiX (IBX): IBX is a market-disrupting next-generation central laboratory supporting academia, government, and industry. IBX provides global sample collection, processing, storage, and analytical services integrated with scientific and technical support in both the research and clinical arenas. As a leader in biomaterials, IBX provides support to the development of diagnostics, therapeutics, and research in the genomics, precision, and regenerative medicine arenas. IBX previously operated as RUCDR Infinite Biologics before spinning off from Rutgers University-New Brunswick in August 2020.

 

For more information, please visit www.ibx.bio

Contacts

Mike Thurogood

Mike.thurogood@infinity-biologix.com

Categories
Business Technology

AT&T and iconectiv examine foundational ways to monetize and operationalize 5G deployments and services

Panel discusses the critical role that software and data management plays in accelerating 5G rollouts

— (BUSINESS WIRE) — #5G–iconectiv:

What:

Multi-access edge computing, software-defined virtualized network functions and 5G technology give service providers powerful new ways to maximize scalability, flexibility and efficiency while enabling new services and revenue streams. Service providers are completely recalibrating transport in order to deliver enhanced performance, priorities, privacy, security and new overall service models. Despite the operational and monetization challenges service providers face in the deployment of business strategies involving 5G, operational improvements and savings can be realized across all industries.

Focused on fueling the development of transformative enterprise capabilities and services, an interoperable, universal structure is the most efficient way for service providers to automate and identify the location, capabilities and capacity of assets which support their virtualized 5G network.

In this session, experts from AT&T and iconectiv explore:

  • How TruOps Common Language provides the foundational elements that allow AT&T to deploy new services more rapidly, which in turn enables it to realize revenue much more quickly.
  • The importance of an industry alliance to achieve common goals, common standards and common APIs that will help operational partners reduce complexity

Who:

Panelist: David Lu, VP, Software Defined Network Platform & Systems, AT&T

Panelist: George Cray, Senior Vice President-Information Solution Products & Services, iconectiv

Where:

To view the session, follow the link here.

About iconectiv

Your business and your customers need to access and exchange information simply, seamlessly, and securely. iconectiv’s extensive experience in information services and its unmatched numbering intelligence helps you do just that. In fact, more than 2 billion people count on our platforms each day to keep their networks, devices and applications connected. Our cloud-based Software as a Service (SaaS) solutions span network and operations management, numbering, trusted communications, and fraud prevention. For more information, visit www.iconectiv.com. Follow us on Twitter and LinkedIn.

Contacts

Sharon Oddy

iconectiv

+1-732-699-5130/908-809-2268

soddy@iconectiv.com

Casey Bush

Global Results Communications
+1-949-689-9550

iconectiv@globalresultspr.com

Categories
Business News Now!

Best’s Review examines emerging industry issues for 2022

OLDWICK, N.J. — (BUSINESS WIRE) — The December issue of Best’s Review explores the trends and forces shaping the competitive landscape in the year ahead in the following articles:

 

Also included in the December issue:

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging insurance issues and trends and evaluating their impact on the marketplace. Full access to the complete content of Best’s Review is available Full access to the complete content of Best’s Review is available here.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 439 2200, ext. 5540
patricia.vowinkel@ambest.com

Categories
Business Lifestyle

Toorak Capital Partners appoints two industry veterans to board of directors

Kevin Chavers and Francis Byrne Bring Decades of Mortgage Industry Experience to the Company as it Continues Strong Growth and Plans for Next Securitization

 

SUMMIT, N.J. — (BUSINESS WIRE) — Toorak Capital Partners, Inc. (“Toorak”), a leading capital provider to real estate lenders, today announced the appointment of Kevin Chavers and Francis Byrne to the company’s Board of Directors.


“I am thrilled to welcome such experienced mortgage finance executives to the Toorak team as we continue our remarkable growth and look ahead to 2022,” said Toorak CEO John Beacham. “Kevin and Francis bring decades of industry experience, and I am certain Toorak will significantly benefit from their leadership and guidance.”

 

Mr. Chavers previously spent ten years as Managing Director at BlackRock, serving on the Global Fixed Income Securitized Asset Investment Team, where he assisted in the development and launch of its residential mortgage whole loan investing platform. He was also a Co Leader of the BlackRock Impact Opportunity fund, and member of both the Global Public Policy Group and the Financial Markets Advisory Group. Prior to his tenure at BlackRock, Mr. Chavers was a Managing Director at Morgan Stanley in the Securitized Products Group. He also formerly served as the President of Ginnie Mae in the Clinton Administration. He currently serves as Chairman of the Bedford Stuyvesant Restoration Corporation and on the boards of directors of Enterprise Community Partners, the Upper Manhattan Empowerment Zone, the University of Virginia Foundation, and the Penn Institute for Urban Research. He is a former Partnership for New York City David Rockefeller Fellow. Mr. Chavers received his J.D. from Harvard Law School and received his B.A. in City Planning from the University of Virginia School of Architecture.

 

“I am excited to join the team at Toorak during such a tremendous growth period for the company,” said Mr. Chavers. “I look forward to advising the company as it helps to solve the current housing shortage through strategic deployment of capital.”

 

Mr. Byrne is currently a Managing Partner at Fifth Light Capital, LLC, where he provides advisory services to early stage and financial services companies. Prior to his tenure at Fifth Light Capital, he served as Managing Director and Head of Securitization at UBS Securities, LLC, where he led the effort to rebuild the ABS, RMBS and CLO businesses in the U.S. Prior to UBS, Mr. Byrne spent nine years at Deutsche Bank, ultimately rising to Co-Head of the Global Securitized Products Group. He also worked for Credit Suisse for 13 years in various banking, management, and risk management capacities. Mr. Byrne received his MBA from New York University’s Leonard N. Stern School of Business and his B.S. in Finance from Fordham University.

 

“I look forward to joining the team at Toorak Capital Partners,” said Mr. Byrne. “The team has built an excellent reputation among investors and each of its securitizations has been oversubscribed. I look forward to building upon this legacy and contributing to Toorak’s continued success.”

 

With capital commitments from entities managed by KKR, a leading global investment firm, Toorak Capital Partners has revolutionized the way business purpose residential real estate lenders access capital. The firm was the first to link small-balance commercial and residential originators with institutional capital and has perfected this approach in the single-family residential bridge and 30-year single family rental lending space.

 

To learn more about Toorak Capital Partners’ correspondent lending platform, please contact the firm at toorakcapital@toorakcapital.com or 212-393-4100.

 

About Toorak Capital Partners

Toorak Capital Partners is an integrated correspondent lending platform based in Summit, NJ. Toorak acquires small balance business purpose loans backed by residential, multifamily, and mixed-use properties throughout the U.S. and the U.K. Toorak acquires loans directly from lenders that originate high credit quality loans. Toorak’s principals have a deep understanding of mortgage credit in the residential and commercial space with backgrounds in real estate lending, capital markets, securitization, asset-liability management, asset management and credit. Toorak-funded projects have renovated, stabilized or provided rental housing for more than 20,000 families to date – an average of more than 500 families every month.

 

Further information is available at www.toorakcapital.com.

Contacts

Alex Varney

avarney@stantonprm.com
(646) 502-3565

Categories
Business Local News

Atlantic Power Transmission LLC, a Blackstone infrastructure partners portfolio company, announces bid for New Jersey offshore wind transmission project

  • Project supported by New Jersey Union coalition including Eastern Atlantic States Regional Council of Carpenters, Operating Engineers Locals 825 and 25 and Iron Workers Local 399
  • Project expected to provide over 1,000 jobs and $1.3 billion to the New Jersey economy
  • Project designed to strengthen New Jersey’s clean energy targets and to minimize impact to local communities and environment
  • Project backed by Blackstone, a proven long-term investor and operator in infrastructure, transmission and renewable energy

 

PRINCETON, N.J. — (BUSINESS WIRE) — Atlantic Power Transmission LLC (“APT”), a Blackstone (NYSE: BX) portfolio company, announced its bid to develop a clean power transmission solution in response to the 2021 New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities, in collaboration with PJM Interconnection. APT’s project offers a total offshore wind transmission solution of up to 3,600 MW and is expected to provide over $1.3 billion in economic value to the New Jersey economy. The project is expected to deliver clean offshore wind power to over 1.5 million New Jersey families, enabled by an underground clean energy corridor connecting to an existing substation in Central New Jersey.

APT has prioritized union labor and has partnered with the New Jersey union coalition, including Eastern Atlantic States Regional Council of Carpenters, International Union of Operating Engineers Locals 825 and 25 and Iron Workers Local 399, which will bring the region’s best-skilled and trained tradespersons to this state-of-the-art project and ensure that trades unions are a bedrock of New Jersey’s clean energy program.

 

Commenting on the announcement, Global Head of Infrastructure at Blackstone, Sean Klimczak said, “We are excited to support New Jersey’s offshore wind efforts and are proud to partner with the New Jersey union coalition. Blackstone Infrastructure has a proven track record and commitment to long-term partnerships, and we look forward to continuing with this transformative and innovative clean energy development project.”

 

William C. Sproule, Executive Secretary-Treasurer of the Eastern Atlantic States Regional Council of Carpenters said, “New Jersey is uniquely positioned as a hub for offshore wind, and we are pleased that our skilled tradespersons are at the forefront of this exciting movement to bring greater energy sustainability to our State.”

 

“We applaud Atlantic Power Transmission’s commitment to the Operating Engineers as they embark on the monumental task of bringing homegrown renewable energy to our electrical grid,” commented Greg Lalevee, Business Manager of IUOE 825. “Our union is proud to be part of building a clean energy future in the state of New Jersey.”

 

Richard Sweeney, President and Business Manager of the Iron Workers Local 399, also stated, “We are proud to partner with Blackstone Infrastructure and Atlantic Power Transmission on ensuring good paying union jobs for years to come in this important and growing sector of our economy.”

 

The entire route of the project will utilize underground electric transmission lines to minimize its social and environmental impacts. The project enters onshore at an existing industrial site and aims to avoid disrupting New Jersey’s beachfront communities.

 

Andy Geissbuehler, APT’s CEO, stated, “We highly value our union partnership and our collaboration with the communities along the clean energy corridor. We are committed and able to manage the risks to safely and reliably construct and operate a compelling transmission solution to support New Jersey’s clean energy leadership.”

 

Blackstone is committed to supporting renewable energy and working closely with its union partners. Since 2019, Blackstone has committed nearly $10 billion in investments that it believes are consistent with the broader energy transition.

 

In September 2021, Blackstone announced that the Champlain Hudson Power Express (“CHPE”), an underground electric transmission line spanning 339 miles between Canada and New York City, was selected by the New York State Energy Research and Development Authority as part of an extensive RFP process to deliver 1,250 MW of clean, renewable power to New York City. CHPE is expected to create 1,400 jobs, with a commitment to use union labor, and includes a $40 million new Green Economy Fund that will provide job training for clean energy jobs.

 

In November 2021, Blackstone portfolio companies, Altus Power, a leading clean electrification company, and Link Logistics, operator of the largest portfolio of strategic last mile locations in the US, were awarded approximately 35 MW of community solar projects in New Jersey. Together, Altus and Link will build and operate a portfolio of rooftop community solar projects to serve approximately 10,000 residential customers throughout New Jersey with renewable energy.

 

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

 

Blackstone Infrastructure Partners

Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

 

Atlantic Power Transmission LLC (“APT”)

APT is a Blackstone Infrastructure Partners Portfolio Company, headquartered in Princeton, New Jersey and is dedicated to developing, constructing and operating planned transmission systems along the US East Coast to enable efficient interconnection of commercial scale offshore wind facilities.

Contacts

Paula Chirhart

Paula.Chirhart@Blackstone.com
347-463-5453

Categories
Business Technology

IEEE publishes new standard to address age appropriate design for children’s digital services

IEEE 2089™-2021 establishes a framework that can help organizations recognize and respond to the needs of children and young people.

PISCATAWAY, N.J. — (BUSINESS WIRE) — #IEEESA–IEEE, the world’s largest technical professional organization dedicated to advancing technology for humanity, and the IEEE Standards Association (IEEE SA) announced the publication of IEEE 2089™-2021 – Standard for Age Appropriate Digital Services Framework – Based on the 5Rights Principles to support the growing need for designing digital products and services with the best interests of children in mind at the UNICEF Global Forum on AI for Children today.

 

As technology use expands across age groups, interest in age appropriate considerations geared toward young users are expected to grow among product and service providers. IEEE 2089-2021, informed by the United Nations Convention on the Rights of the Child (CRC) and built upon the principles developed by the 5Rights Foundation, establishes a set of processes that helps enable organizations to make their services age appropriate.

 

Children’s data governance is of growing societal interest, impacting governments and policymakers, international institutions and civil society organizations, businesses (especially digital service providers), parents, teachers, and children. “This standard is a major step forward in the design of digital services for children, as it focuses on technology in the public interest, mitigating risks through a robust design process inclusive of diverse stakeholder representation,” said Katina Michael, Professor at Arizona State University and the IEEE 2089 Working Group Chair.

 

The standard was developed by a working group of experts from academia, education, design science (with an emphasis on interaction design and children), software engineering, law, law enforcement, government agencies, and social policy, as well as other industries.

 

“While there are localized efforts to address children’s rights and safety in digital products and services for children, there has never been consensus-driven guidance applicable on a global scale,” said Konstantinos Karachalios, Managing Director of IEEE SA. “This standard provides organizations a framework to practically orient design processes for age appropriate digital services toward responsible technological innovation inclusive of children. IEEE SA believes IEEE 2089-2021 is part of a new generation of standards that emphasize ethical alignment by design, alongside the IEEE 7000 series, and help us collectively build a better digital world for children.”

 

IEEE 2089-2021 encompasses the following key principles:

  • Recognition that the user is a child
  • Acknowledgement of the diversity of children and young people
  • Presentation of information in an age appropriate way
  • Utilization of fair terms appropriate for children
  • Prioritization of children’s best interests over commercial interests

 

IEEE 2089-2021 provides recommended processes and encourages the consideration of risk mitigation and management through the life cycle of development, delivery, and distribution of digital products and services. This could address significant challenges relating to privacy, safety, trust, security, and usability among the vulnerable population of children. These design processes are expected to assist organizations to ask important risk-related questions early in the design process, assessing their digital products and services, with direct opportunities to strengthen offerings. This standard also encourages technology creators to include safeguards and other features as part of the development process, increasing the potential for a healthy and safe digital environment.

 

“This standard supplements the efforts from regulators to enable the design of a digital world with children in mind by providing practical guidance for achieving that aim. Because this offers a vision of what a global consensus on ‘good’ looks like, no company, international or national organization should ignore its comprehensive approach,” said Baroness Kidron, Chair of 5Rights Foundation. “For many years we have asked how to design digital services for children; the IEEE 2089 standard answers that question.”

 

Use and adoption of this standard helps organizations design their services with children in mind, demonstrate commitment to social responsibility, and encourage adherence to local regulatory requirements.

 

Because of its intended impact, this standard is being made available free of charge in the IEEE Reading Room. For more information, or to view the IEEE 2089-2021 Standard, click here.

 

To learn more about IEEE SA or about any of its many market-driven initiatives, visit us on Facebook, follow us on Twitter, connect with us on LinkedIn, or on the Beyond Standards Blog.

 

About the IEEE Standards Association

IEEE Standards Association (IEEE SA) is a collaborative organization where innovators raise the world’s standards for technology. IEEE SA provides a globally open, consensus-building environment and platform that empowers people to work together in the development of leading-edge, market-relevant technology standards, and industry solutions shaping a better, safer, and more sustainable world. For more information, visit https://standards.ieee.org.

 

About IEEE

IEEE is the world’s largest technical professional organization dedicated to advancing technology for the benefit of humanity. Through its highly cited publications, conferences, technology standards, and professional and educational activities, IEEE is the trusted voice in a wide variety of areas ranging from aerospace systems, computers, and telecommunications to biomedical engineering, electric power, and consumer electronics. Learn more at https://www.ieee.org.

Contacts

Media:
Tania Olabi-Colon, Director, Brand Marketing & Communications

Olivia Wang, Marketing & Communications Manager

standards-pr@ieee.org